 Ouch... my head hurts... |
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| PeeGreen 914 |
 Mar 31 2008, 11:54 PM
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#1
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Just when you think you're done...wait, there is more..lol  Group: Members Posts: 10,219 Joined: 21-September 06 From: Seattle, WA... actually Everett Member No.: 6,884 Region Association: Pacific Northwest 
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So I just came across all the receipts of the stuff I have bought for my car this year.
Race seats Transmission with MSX and TB dif 2.4l engine PR engine mount and trans mounts PR shift linkage bushings Rennshift Tangerine fuel lines Oddyssy PC680 okay... some of this I traded for.... but Dang it..... (IMG:style_emoticons/default/chair.gif) Don't you ever wish you never looked at how much you spent on the stuff you put in there? I generally try not to look but I was getting everything ready for taxes and just happened to look through the stack o 914 papers. (IMG:style_emoticons/default/piratenanner.gif) Here is to spending money on 914s (IMG:style_emoticons/default/beerchug.gif) And all the fun that comes from them (IMG:style_emoticons/default/drunk.gif) |
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| chris914 |
Apr 1 2008, 12:04 AM
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#2
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Member Group: Members Posts: 489 Joined: 24-July 04 From: San Diego, CA Member No.: 2,393 Region Association: Southern California |
How do you write 914 stuff off on your taxes? (IMG:style_emoticons/default/av-943.gif)
Nice parts! (IMG:style_emoticons/default/beerchug.gif) |
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| PeeGreen 914 |
Apr 1 2008, 12:07 AM
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#3
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Just when you think you're done...wait, there is more..lol Group: Members Posts: 10,219 Joined: 21-September 06 From: Seattle, WA... actually Everett Member No.: 6,884 Region Association: Pacific Northwest
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I wish I could (IMG:style_emoticons/default/sad.gif) ... I just keep all the records with all the other bills and receipts.
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| sww914 |
Apr 1 2008, 12:11 AM
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#4
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Advanced Member Group: Members Posts: 2,439 Joined: 4-June 06 Member No.: 6,146 Region Association: None |
Racing is a legitimate advertising expense, Pepsi, Tide, Ferrari, Dupont, they all write it off as advertising because it is. They write off billions, we write off thousands. Also you can write off all of your losses if you have a business license for whatever racing and you can prove that you did have a reasonable expectation of profiting- for example if you advertised looking for sponsors and can prove it then it's reasonable to expect that you could have gained a sponsor and the business could have profited.
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| PeeGreen 914 |
Apr 1 2008, 12:20 AM
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#5
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Just when you think you're done...wait, there is more..lol Group: Members Posts: 10,219 Joined: 21-September 06 From: Seattle, WA... actually Everett Member No.: 6,884 Region Association: Pacific Northwest
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Yeah, but the IRS already hounds Real Estate agents by making sure their deductions are within reason. I try to do everything to avoid audit as I have seen them waste so much of my fathers time. Even though every time they did an audit they found they had to give him money back it always took three days to a week away from him and added unwanted stress.
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| rick 918-S |
Apr 1 2008, 07:51 AM
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#6
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Hey nice rack! -Celette Group: Members Posts: 20,460 Joined: 30-December 02 From: Now in Superior WI Member No.: 43 Region Association: Northstar Region 
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QUOTE(Phoenix 914-6GT @ Mar 31 2008, 10:20 PM)  Yeah, but the IRS already hounds Real Estate agents by making sure their deductions are within reason. I try to do everything to avoid audit as I have seen them waste so much of my fathers time. Even though every time they did an audit they found they had to give him money back it always took three days to a week away from him and added unwanted stress. Sounds like a provable loss to me... nuther deduction.. check! (IMG:style_emoticons/default/laugh.gif) |
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| Gint |
Apr 1 2008, 09:10 AM
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#7
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Mike Ginter Group: Admin Posts: 16,071 Joined: 26-December 02 From: Denver CO. Member No.: 20 Region Association: Rocky Mountains  |
I quit paying attention to how much I spend on cars a long time ago. I'm not in it for the money (obviously!).
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